PerkinElmer Correlations

Summary

PKIDelisted Stock

USD 115.24 0.74 0.64%

The current 90-days correlation between PerkinElmer and Mettler Toledo International is 0.03 (i.e., Significant diversification). The correlation of PerkinElmer is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

PerkinElmer Correlation With Market

Good diversification

The correlation between PerkinElmer and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PerkinElmer and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving against PerkinElmer Stock

0.57	ITCI	Intracellular Th Trending	Pair Corr
0.48	OVV	Ovintiv	Pair Corr
0.46	EIC	Eagle Pointome	Pair Corr
0.39	OPFI	OppFi Inc	Pair Corr
0.31	MITQ	Moving iMage Technologies	Pair Corr
0.31	MCK	McKesson	Pair Corr
0.54	BAER	Bridger Aerospace Buyout Trend	Pair Corr

Related Correlations Analysis

	MTD	WAT	SHC	CRL	ICLR	IDXX	A	RVTY	IQV	TMO
MTD		-0.11	0.67	0.15	0.74	0.66	0.5	0.84	0.84	0.88	MTD
WAT	-0.11		-0.51	0.18	-0.44	-0.41	0.64	0.17	-0.39	-0.23	WAT
SHC	0.67	-0.51		0.29	0.56	0.51	-0.21	0.59	0.8	0.64	SHC
CRL	0.15	0.18	0.29		0.13	0.22	-0.01	0.28	0.35	0.02	CRL
ICLR	0.74	-0.44	0.56	0.13		0.78	0.2	0.45	0.89	0.84	ICLR
IDXX	0.66	-0.41	0.51	0.22	0.78		0.23	0.48	0.8	0.73	IDXX
A	0.5	0.64	-0.21	-0.01	0.2	0.23		0.55	0.16	0.41	A
RVTY	0.84	0.17	0.59	0.28	0.45	0.48	0.55		0.68	0.74	RVTY
IQV	0.84	-0.39	0.8	0.35	0.89	0.8	0.16	0.68		0.88	IQV
TMO	0.88	-0.23	0.64	0.02	0.84	0.73	0.41	0.74	0.88		TMO
	MTD	WAT	SHC	CRL	ICLR	IDXX	A	RVTY	IQV	TMO

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

IQV	+ 0.89	ICLR
TMO	+ 0.88	MTD
TMO	+ 0.88	IQV
RVTY	+ 0.84	MTD
IQV	+ 0.84	MTD
TMO	+ 0.84	ICLR

High negative correlations

SHC	- 0.51	WAT
ICLR	- 0.44	WAT
IDXX	- 0.41	WAT
IQV	- 0.39	WAT
TMO	- 0.23	WAT
A	- 0.21	SHC

Risk-Adjusted Indicators

There is a big difference between PerkinElmer Stock performing well and PerkinElmer Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze PerkinElmer's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MTD	1.29	(0.18)	0.00	(0.30)	0.00	0.00	2.05	(3.37)	11.09
WAT	1.54	0.22	0.13	10.49	1.41	(2.02)	3.00	(2.56)	24.69
SHC	1.53	(0.24)	0.00	0.92	0.00	0.00	3.45	(3.00)	10.53
CRL	1.85	(0.24)	0.00	(0.36)	0.00	0.00	3.35	(4.66)	19.87
ICLR	1.90	(0.57)	0.00	(0.69)	0.00	0.00	4.13	(3.95)	21.87
IDXX	1.26	(0.19)	0.00	(2.79)	0.00	0.00	2.55	(2.63)	11.58
A	1.21	0.03	0.01	0.09	1.45	(1.33)	2.72	(2.42)	8.06
RVTY	1.23	(0.06)	0.00	(0.12)	0.00	0.00	2.35	(3.08)	9.36
IQV	1.31	(0.25)	0.00	(0.59)	0.00	0.00	1.88	(4.05)	8.99
TMO	0.98	(0.12)	0.00	(0.46)	0.00	0.00	1.81	(2.30)	5.86

PerkinElmer Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with PerkinElmer stock to make a market-neutral strategy. Peer analysis of PerkinElmer could also be used in its relative valuation, which is a method of valuing PerkinElmer by comparing valuation metrics with similar companies.

Mettler Toledo International Waters Sotera Health Co Charles River Laboratories ICON PLC IDEXX Laboratories Agilent Technologies Revvity IQVIA Holdings Thermo Fisher Scientific Illumina Danaher Laboratory of American Airlines Group Alcoa Corp

Risk & Return

Correlation

Still Interested in PerkinElmer?

Investing in delisted delisted stocks can be risky, as the stock is no longer traded on a public exchange and can therefore be difficult to sell. Delisting typically occurs when a company has failed to meet exchange requirements or has been acquired. Before investing, it's important to thoroughly research the company, including its financial health and prospects for the future, as well as the reasons for its delisting. Additionally, it may be difficult to find accurate and up-to-date information on the company and its stock.

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